3-Month Loans for April 2024

Get a 3-month loan at one of the lenders verified by our specialists. On 24.04.2024 there are 3 options available to you. Increase your chances of getting a loan — fill out an application with a free credit rating check.
Offers: 3
Best Quick Loan Today 24.04.2024*
Mr. Payday
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Rating by Finanso®

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Recommended FinScore™
up to $10.000
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Personal Loan
Rating by Finanso®

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™

Effective interest rate on the product

up to 46.96%

Loan term for the financial product

up to 60 months
Coast Capital Savings
Personal Loan
Rating by Finanso®

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™

Effective interest rate on the product


Loan term for the financial product

60 months
Royal Bank of Canada
I appreciate the transparency in the loan terms provided by Royal Bank of Canada, with no hidden fees or charges.
Royal Bank of Canada
RBC provided me with a flexible loan repayment schedule, making it easier to manage.
Royal Bank of Canada
I encountered some hidden fees when repaying the loan with RBC, making it more expensive than I expected.
Royal Bank of Canada
Unfortunately, the loan terms offered to me by RBC turned out to be less favorable than those of other banks.
Royal Bank of Canada
It's very convenient to use RBC's online services to manage my loan and make monthly payments.
Royal Bank of Canada
I obtained my home loan with RBC, and they were very flexible in setting terms that suited my financial capabilities.

What are 3-Month Loans?

Short-term loans in Canada, particularly those spanning a concise 3-month period, serve as a flexible financial solution for individuals facing immediate monetary needs. With terms ranging from 2 weeks to 2 years, these loans offer a quicker repayment schedule compared to standard personal loans, making them suitable for addressing short-term financial obligations. It's crucial for borrowers to exercise caution, especially when considering short-term loans designed for individuals with poor credit, as they often entail higher interest rates.

Among the various types of short-term loans available, short-term installment loans emerge as a viable option for Canadians seeking financial assistance. With loan terms extending from 3 months to 2 years, these installment loans present the advantage of lower interest rates when compared to traditional payday loan options. Borrowers can repay the loan through manageable monthly installments, offering a more affordable alternative for those in need of quick funding.


  1. Rapid Repayment Schedule. A defining characteristic of these loans is their short duration, requiring borrowers to repay the entire loan amount within a concise three-month timeframe.

  2. Lower Total Interest. Compared to longer-term loans, the total interest accrued on a short-term loan is typically lower, offering cost-effective financing for those requiring immediate funds.

  3. Structured Repayment. Borrowers can benefit from a structured repayment plan, knowing that the entire loan amount will be settled within a short period, avoiding prolonged financial commitments.

  4. Smaller Loan Amounts. Short-term loans usually involve smaller loan amounts, suitable for covering immediate expenses without burdening the borrower with a large sum of debt.

Pros and Cons


Quick Access to Funds. These loans often provide swift access to funds, addressing urgent financial needs by delivering timely financial assistance.

Short-Term Commitment. With a three-month term, borrowers can swiftly repay the loan, avoiding long-term financial obligations and interest accumulation.

Flexibility in Loan Amounts. Such loans often involve smaller amounts, catering to specific financial needs without burdening the borrower with excessive debt.


Higher Interest Rates. Short-term loans, especially for individuals with poor credit, may carry higher interest rates compared to traditional loans, potentially leading to increased overall costs.

Stricter Eligibility Criteria. Some loans with three-month term may have more rigorous eligibility requirements, including credit checks and income verification, limiting accessibility for certain individuals.

Possible Hidden Fees. Borrowers should be cautious of potential hidden fees, such as origination fees, that could increase the overall cost of the loan.

How to Get a Loan with a Three-Month Term

Apply for a Loan

  1. Assess Your Financial Situation. Evaluate your financial needs and determine the exact amount you require for the short term. Consider your ability to repay the loan within the three-month timeframe.

  2. Research Lenders. Explore reputable lenders in Canada that offer loans with three-month term. Consider factors such as interest rates, fees, and customer reviews.

  3. Check Eligibility Criteria. Review the eligibility requirements of potential lenders. Common criteria may include age, citizenship, income, and credit history.

  4. Gather Necessary Documentation. Prepare the required documents, such as proof of income, identification, and bank statements. Ensure you meet the lender's documentation requirements.

  5. Understand Terms and Conditions. Carefully read and understand the terms and conditions of the loan, including interest rates, fees, and the repayment schedule.

  6. Complete the Loan Application. Many lenders offer online loans. Fill out the online loan application form with accurate information. Provide details about your income, employment, and personal information.

  7. Await Approval. Once you submit your application, wait for the lender to review and approve it. This process may take a short time, and some lenders provide quick approval decisions.

  8. Accept the Loan Offer. If approved, carefully review the loan offer. Ensure you understand all terms and conditions before accepting the loan.

  9. Receive Funds. Upon accepting the loan offer, the lender will disburse the funds. In many cases, funds are deposited directly into your bank account.


  1. Canadian Citizenship or Permanent Residency. Borrowers typically need to be Canadian citizens or permanent residents to qualify for a loan.

  2. Age of Majority. Applicants must be of the age of majority in their province or territory to be eligible for a short-term loan.

  3. Source of Income and Employment. Lenders often require borrowers to have a stable source of income and regular employment. Proof of income may be necessary.

  4. Canadian Bank Account. Borrowers need to have an active Canadian bank account where the loan funds can be deposited and repayments withdrawn.

  5. Legal Residency. Borrowers must be legal residents of Canada to qualify for a loan.


  1. Loan Amount and Terms. Lenders specify the maximum loan amount they offer and the terms of the loan, including the three-month repayment period.

  2. Interest Rates. Lenders disclose the applicable interest rates for the loan. Borrowers should be aware of the total cost of borrowing, including any associated fees.

  3. Repayment Schedule. The lender provides a clear repayment schedule outlining when and how repayments are due. This schedule is often structured with equal installments over the three-month term.

  4. Fees and Charges. Lenders detail any fees associated with the loan, such as origination fees or late payment charges. Transparency in fee disclosure is crucial for informed borrowing.

  5. Application Process. Lenders outline the steps involved in the application process, including any documentation required. Some lenders offer an online personal loan application for added convenience.

  6. Communication Channels. Lenders provide information on how borrowers can reach customer service and address any concerns or inquiries they may have during the loan term.

  7. Penalties for Early Repayment or Rollovers. The lender specifies whether there are penalties for repaying the loan early or opting for a loan term extension (rollover).

  8. Privacy and Security Measures. Lenders ensure that borrower information is treated with confidentiality and outline privacy and security measures in place to protect personal data.

Best Places to Get a Loan with a Three-Month Term

  1. Affinity Credit Union, operating in Saskatchewan, extends personal loans to its members with good to excellent credit. For those facing challenges accessing traditional loans, Affinity offers the Restart Loan. This alternative is tailored to individuals with recurring income and features loan amounts ranging from $200 to $3,000, a flexible term of 2 to 24 months, and an APR of 17.99%. Affinity's approach caters to a diverse membership base, providing financial solutions for various credit profiles within the province.

  2. Vancity Credit Union, a prominent financial institution in British Columbia, offers the Fair and Fast Loan, an online installment loan that doesn't require credit checks. Exclusive to Vancity members, this loan option is accessible to those demonstrating sufficient income to manage a new loan. The Fair and Fast Loan spans amounts from $100 to $2,500, with a versatile term of 2 weeks to 24 months and an APR of 19.00%. Vancity's commitment to serving its community is evident through this inclusive loan offering, emphasizing accessibility without the necessity of a credit check.

  3. Eastern Loans stands out as an optimal choice for individuals seeking smaller short-term loans, boasting a consistent APR of 23% and a borrower-friendly policy with no prepayment penalties. Notably, Eastern Loans extends accessibility by not imposing a credit history prerequisite, making it available to a wide range of borrowers. The positive four-star TrustPilot rating underscores a satisfying customer experience. With same-day funding, Eastern Loans prioritizes a swift and hassle-free borrowing process, aligning with the urgent financial needs of borrowers.

  4. Urgent Money, situated in Toronto, Ontario, distinguishes itself by providing loans to Canadians, even those with bad financial history, without conducting credit checks. With a commitment to quick approval and same-day deposits directly into borrowers' bank accounts, Urgent Money addresses urgent financial needs. The installment loans online offered by Urgent Money have a repayment period between 90 and 120 days, with a cost of $18.00 per $100 borrowed. This transparent and accessible approach positions Urgent Money as a lender catering to individuals with bad credit who need instant loans online.

Things to Pay Attention to

  1. Eligibility Criteria. Thoroughly review the eligibility criteria set by the lender. Confirm that you meet all the requirements before initiating the application process.

  2. Credit Check Impact. Understand the impact of a credit check on your credit score. While some lenders cater to individuals with poor credit, be mindful of the potential effects on your credit history.

  3. Customer Reviews. Research customer reviews and testimonials about the lender. Feedback from other borrowers can offer insights into the lender's reliability, customer service, and overall satisfaction.

  4. Penalties for Early Repayment or Rollovers. Be aware of any penalties associated with repaying the loan early or opting for a loan term extension. Understanding these terms can influence your decision-making.

  5. Privacy and Security Measures. Ensure that the lender has robust privacy and security measures in place to protect your personal and financial information.

  6. Communication Channels. Check the availability of customer support and the ease of communication with the lender. A responsive and accessible customer service team is essential for addressing concerns or queries.

How to Repay a Loan with a Three-Month Term

  1. Review Repayment Schedule. Refer to the repayment schedule provided by the lender. It outlines the due dates and installment amounts. Understand the frequency of payments and the total number of payments required.

  2. Set Up Automatic Payments. Many lenders offer the option to set up automatic payments. This ensures that the installment amounts are deducted from your bank account on the scheduled due dates, minimizing the risk of late payments.

  3. Ensure Sufficient Funds. Maintain sufficient funds in your bank account to cover each installment. Insufficient funds may result in overdraft fees or late payment charges.

  4. Track Payment Due Dates. Stay organized by tracking payment due dates. Set reminders on your calendar or use financial management tools to ensure you never miss a payment.

  5. Early Repayment. If possible, consider repaying the loan early. Some lenders allow early repayment without penalties, and this can save you money on interest payments.

  6. Contact Lender for Issues. If you encounter financial challenges or foresee difficulties in making a payment, contact the lender promptly. Lenders may offer flexibility or alternative arrangements, but communication is key.

  7. Check for Prepayment Penalties. Review the terms of the loan to check for any prepayment penalties. Some loans may charge a fee for repaying the loan before the agreed-upon term.

  8. Monitor Bank Statements. Regularly monitor your bank statements to ensure that loan repayments are processed correctly. Report any discrepancies or issues to the lender promptly.

  9. Seek Financial Counseling. If you face challenges in repaying the loan, consider seeking financial counseling. Non-profit organizations and financial advisors can guide managing debt and improving financial health.

  10. Celebrate Loan Repayment. Once you've successfully repaid the loan, take a moment to celebrate this financial milestone. It reflects responsible financial management and builds a positive credit history.

Reasons for Getting Rejected for a Loan

  1. Poor Credit History. A low credit score or a history of missed payments, defaults, or bankruptcies can significantly impact loan approval. Lenders often use credit scores to assess the borrower's creditworthiness.

  2. Insufficient Income. Lenders assess the borrower's income to ensure they have the financial capacity to repay the loan. If the income is deemed insufficient to cover the loan payments, approval may be denied.

  3. Unstable Employment. Frequent job changes or periods of unemployment may raise concerns for lenders. Employment stability is often a factor in determining the borrower's ability to make consistent loan payments.

  4. High Debt-to-Income Ratio. Lenders evaluate the borrower's debt-to-income ratio, comparing the amount of existing debt to their income. A high ratio indicates a higher risk of financial strain and may result in rejection.

  5. Multiple Loan Applications. Applying for multiple loans within a short period can signal financial distress to lenders. Each loan application generates a hard inquiry on the credit report, potentially lowering the credit score.

  6. Legal Issues. Legal issues such as bankruptcy, liens, or judgments can negatively impact loan approval. Lenders may view these as indicators of financial instability.


  1. A credit card is a financial tool that allows users to make purchases or access cash on credit. It operates on a revolving credit basis, where users have a predetermined credit limit and can borrow funds up to that limit. Cardholders are required to make minimum monthly payments, and interest is charged on the remaining balance if not paid in full. Credit cards offer convenience, flexibility, and the potential for rewards, but responsible usage is essential to avoid accumulating high-interest debt.

  2. Title loans involve using a vehicle's title as collateral to secure a short-term loan. Borrowers offer their vehicle title to the lender, who holds it until the loan is repaid. The loan amount is typically a percentage of the vehicle's appraised value. While title loans provide quick access to cash, they come with high-interest rates and the risk of losing the vehicle if the borrower fails to repay the loan.

  3. A line of credit is a flexible form of borrowing that provides individuals or businesses with access to a predetermined credit limit. Unlike a traditional loan with a fixed amount, a line of credit allows borrowers to draw funds as needed, up to the specified limit. Interest is only charged on the amount borrowed, and once repaid, the credit becomes available again. Lines of credit offer versatility and are often used for ongoing expenses or as a financial safety net.

  4. Pawnshop loans involve obtaining a short-term loan by providing personal items of value as collateral. Borrowers receive a loan amount based on the appraised value of the items, such as jewelry or electronics. If the borrower fails to repay the loan within the agreed-upon period, the pawnshop retains ownership of the collateral. While pawnshop loans do not require a credit check, they may come with high interest rates and the risk of losing valuable possessions if the loan is not repaid.

Editorial Opinion

These short-term loans offer a convenient solution for individuals facing urgent monetary needs, allowing for quick access to funds with a brief repayment period. However, caution must be exercised, particularly when considering loans tailored for individuals with poor credit, as they often come with elevated interest rates. While the accessibility and speed of these loans address immediate financial gaps, borrowers should approach them judiciously, fully understanding the terms, fees, and potential consequences of non-repayment. Striking a balance between the convenience of quick funding and the financial responsibility of timely repayment is essential.


Keeping your Debt-to-Income (DTI) ratio below 30-40% of your monthly income is crucial. This will help you avoid potential financial problems in the future. Additionally, always assess the necessity and feasibility of taking a loan, ensuring you can comfortably manage its repayment.

How to Choose a Lender

  1. Make sure to confirm whether the lender is licensed to operate in your province. You can verify this information with your state regulator or attorney general.

  2. Check if the lender is a member of a reputable association, such as the Canadian Lenders Association (CLA). Membership in such organizations may provide an extra level of reliability.

  3. Carefully review all the terms and conditions of your payday loan contract.

  4. Thoroughly examine the interest rates on payday loans and ensure that your contract includes a detailed breakdown of the total cost of the loan.

  5. Take advantage of your right of rescission. Usually, you can rescind the loan within three days after signing the agreement. Alternatively, there is typically a "cooling-off" period, which allows you several days to thoroughly review the contract before making an informed decision to enter into a consumer loan agreement based on the terms specified by the lender.

  6. Choosing a payday lender is a significant decision that demands careful consideration and a good understanding of how such organizations operate.


At Finanso, we've carried out a comprehensive analysis of over 70 lenders, assessing them based on 35 different parameters across six key categories: accessibility of loans, customer relations, quality of service, interest rates, and transparency of conditions.

In each category, we carefully considered the most critical factors in selecting a lender. These factors include the interest rates, available loan amounts, minimum credit score, minimum income, application fees, and the speed at which funds are transferred.

At Finanso, we highly value our users, which is why we also focus on the quality of customer service, user reviews, and additional features that can aid our users in making a well-informed decision.

Our ultimate goal is to provide insightful recommendations and expert advice to assist you in selecting a lender that best caters to your specific needs.


Do 3-month loans affect your credit score?

Yes, a loan with a three-month term can impact your credit score. When you apply for a loan, the lender typically conducts a hard inquiry on your credit report, which can result in a temporary decrease in your credit score. Additionally, your credit score may be influenced by factors such as your payment history and the overall management of the loan. Timely payments can positively contribute to your credit score, while late or missed payments can have a negative impact. It's crucial to handle such loans responsibly to maintain or improve your credit standing.

What is the easiest loan to get approved for in Canada?

The easiest loan to get approved for in Canada often depends on individual circumstances, but generally, short term payday loans and installment loans with short repayment terms may have more lenient eligibility criteria. Payday loans, for instance, are designed for quick access to small sums of money, and lenders may be less strict about credit history. However, these cash loans often come with higher interest rates, and borrowers should exercise caution and explore other options before opting for loans with easier approval.

Can you get a personal loan for 3 months?

While personal loans with a 3-month term are less common, some lenders may offer short-term personal loans. Borrowers seeking such loans should inquire with lenders about the availability of a 3-month repayment option. However, personal loans, even with shorter terms, typically undergo a thorough application process, including credit checks and income verification. Borrowers should carefully review the terms and conditions, including interest rates and fees, before committing to a short-term personal loan in Canada.

Loan Terms